German real estate firms ECE and Art-Invest Real Estate have teamed up to develop a 拢190m (鈧�212m) residential project in London.
Retail property specialist ECE and Art-Invest鈥檚 UK property arm have agreed to develop 88 luxury apartments, 35,000sqft of commercial space and 15 affordable housing units on a one-acre site on Cleveland Street in London W1.
The project, the duo鈥檚 first investment in the UK, will be co-developed with local developer Dukelease Properties, and completion of the project is scheduled for completion in 2021.
ECE, the 鈧�33bn retail property manager, said it is exploring new opportunities, particularly in the residential sector. The family-owned company also develops real estate projects such as corporate headquarters, office and industrial buildings, logistics centres, hotels, residential properties, and city districts.
ECE鈥檚 CIO, Henrie W Koetter, said: 鈥淲e are very positive about the long-term prospects for UK real estate.
鈥淭he project in collaboration with Art-Invest Real Estate, who are one of the most respected investor developers in Europe, was a unique opportunity to enter this sector for the first time.鈥�
The 鈧�6bn Art-Invest Real Estate recently announced the opening of their new London office to strengthen their local presence and to pursue a targeted early-stage investment strategy.
Art-Invest Real Estate UK鈥檚 managing partner, Ali Abbas, said: 鈥淓CE is a natural joint venture partner for us on our first development in the UK.
鈥淚ts approach to real estate and its commitment to excellence is completely aligned with our strategic values.鈥�
